Significant Revenue Growth
Revenue for the second quarter was $67.8 million, representing sequential growth of nearly 44% from the first quarter and year-over-year growth of 31%.
Successful Product Launch
The MindBody GLP-1 System was launched in October and sold out within 13 days. Additional inventory was received mid-December, clearing backlog by the end of December.
Improved Profitability Metrics
Gross margins increased by 190 basis points year-over-year, and adjusted EBITDA more than doubled to $6.5 million or 9.6% of revenue.
Increase in Active Accounts
Active accounts in the Americas increased by 23,000 or 25% compared to Q1, with a 13% increase in independent consultants and a 31% increase in customers.
Positive Clinical Results
The MindBody GLP-1 System led to a 140% increase in natural GLP-1 production, reducing visceral fat by up to 27% and total body fat by up to 5.5%.
Strong Cash Position
$21.6 million in cash and no debt at the end of the second quarter.